TGC-1 will issue bonds to finance the project of CCGT-450 power unit construction on the Pravoberezhnaya CHPP

12.07.2011

On July, 11th, 2011 JSC TGC-1 Board of Directors discussed financial questions of CCGT-450 construction of Pravoberezhnaya CHPP project implementation and made the decision to change SPV scheme to issue of bonded loan.

Bonds will be placed by public subscription and in increments as required for attraction of additional investments for project implementation. In total it is supposed to perform 4 issues, no more than 2 bln RUB each, for the period up to 10 years. Loan total sum is no more than 8 bln RUB. According to provisional estimates, the additional demand for investments of new capacities at Pravoberezhnaya CHPP amounts to 7.7 bln RUB.

“Initially the decision concerning the foundation of SPV was made in conditions of high rates. The current terms of debt market and high level of reliability of TGC-1 allows the Company to attract loans cheaper”, - the General Director of JSC TGC-1 Andrey Filippov noted.